The Italian bank UniCredit has increased its stake in Germany’s Commerzbank to “approximately 26%”, thereby solidifying its role as the principal shareholder of the entity, the financial institution announced today in a statement.
The company, led by Andrea Orcel, reported that it continues to convert its “synthetic position” into physical share capital and plans to keep transforming it until it reaches about 29%.
However, UniCredit indicated that it will not demand board seats “for the time being” and will continue to “closely monitor Commerzbank’s progress in its sustained process of business strengthening and value creation for shareholders.”
The German government, which is the second-largest shareholder of Commerzbank with 12% of the share capital, has strongly opposed UniCredit’s intentions to acquire the German bank, both under the previous government of Olaf Scholz and the current one led by Friedrich Merz.
